Bitcoin showed a remarkable recovery over the weekend, managing to hold above the psychologically important $60,000 support. After briefly dipping to a local low near $59,100, BTC rebounded by 6.5 percent, climbing to around $62,950 during intraday trading on Sunday. Many traders considered Bitcoin’s ability to maintain this level as key for the short-term outlook.
Bitcoin diverges as Nasdaq stumbles
Bitcoin’s recovery came into sharp focus following the technology-heavy Nasdaq Composite index’s more than 4 percent drop on Friday. This decline marked the index’s steepest single-day loss since April 2025. The move has sparked speculation that some risk appetite may be returning to the Bitcoin market.
Technical analysis shared by seasoned analyst Filbfilb suggests that Bitcoin remaining above its 200-week simple moving average, currently around $61,880, is a positive sign. Historically, this level has played a decisive role in identifying major price bottoms during 2015, 2018, and 2020.
Quick glossary: The simple moving average is a technical indicator showing the arithmetic mean of closing prices over a given period. The 200-week average helps investors track long-term trends and is followed closely as a crucial support or resistance level.
According to Filbfilb, as long as Bitcoin stays above the 200-week simple moving average, any dip below $60,000 may be just a temporary shakeout. In this scenario, the next major target could be the 50-week average, currently near $92,630.
In this view, a short-lived drop under $60,000 would likely represent weak holders exiting the market rather than a decisive breakdown. If Bitcoin manages to sustain its long-term base, technical analysis suggests the $92,630 area, defined by the 50-week simple moving average, may become the next significant resistance zone.
Nasdaq signals further correction ahead
Meanwhile, technical indicators from the Nasdaq point to further weakness. The index’s weekly relative strength index fell from about 74.75 to 62.46, raising the possibility of a correction toward the 20-week simple moving average, which is resting close to 22,905 points.
Since 2021, each time the Nasdaq’s weekly RSI moved from above 70 to below 70, the index has consistently reverted back to its 20-week moving average. If this historical pattern continues, the Nasdaq could slide to 22,905 points in June or July—representing an additional drop of approximately 10.75 percent from current levels.
Bitcoin oversold relative to Nasdaq
Another indicator supporting a potential Bitcoin recovery is the ratio between Bitcoin and the Nasdaq, which has returned to historic oversold territory according to daily RSI figures. On Saturday, this ratio fell to 14.70, its lowest reading to date, surpassing the previous record low of 14.88 set in February.
Following this similar pattern last February, the price of Bitcoin rallied more than 30 percent. As a result, some analysts argue that Bitcoin now appears undervalued compared to the Nasdaq, encouraging buyers to step in. If the same structure repeats, it could boost the likelihood of a renewed Bitcoin surge in the coming weeks.
